EAST SYRACUSE — What was once a school will eventually become homes after an ongoing construction project concludes. Redev CNY, a real-estate development firm based in Syracuse, has started work on the St. Matthew’s Condos, a project that will bring 21 affordable condominiums to the East Syracuse community. It’s about a $6.8 million project, Ryan […]
EAST SYRACUSE — What was once a school will eventually become homes after an ongoing construction project concludes.
Redev CNY, a real-estate development firm based in Syracuse, has started work on the St. Matthew’s Condos, a project that will bring 21 affordable condominiums to the East Syracuse community.
It’s about a $6.8 million project, Ryan Benz, managing partner of Redev CNY, tells CNYBJ in an email.
The project is located at the former St. Matthew’s Elementary School at 214 Kinne St. in the village of East Syracuse. It will offer a mix of 12 one-bedroom condos, 8 two-bedroom condos, and 1 studio condo.
Construction is expected to be completed by the summer of 2025, with sales slated to begin shortly thereafter, Redev CNY said.
Units will be available to individuals and families earning between 80 percent and 100 percent of the area median income (AMI) in Onondaga County. For 2024, 80 to 100 percent of AMI for a family of four in Onondaga County ranges from about $70,200 to $87,800. Pricing for the condos will range from $139,200 to $167,889, with an average sale price of $150,185.
“This project is critical to creating homeownership opportunities for first-time buyers and families making between 80-100% of AMI,” Benz said in an Oct. 1 statement. “We are incredibly proud to be the first affordable condo program across New York to utilize the AHOP program, and we are so thankful for our friends at HCR, HFA, and CPC for their dedication to making this vision a reality.”
The development is the first in New York state to use the Affordable Housing Opportunity Program (AHOP) through the New York State Homes and Community Renewal (HCR) and the Housing Finance Agency (HFA), per the Redev CNY announcement.
“As Central New York steps into monumental growth as a result of up to $100 billion in transformative investment in high-tech industries, the need to create affordable homeownership opportunities for a range of incomes has never been more critical,” RuthAnne Visnauskas, commissioner of New York State Homes and Community Renewal, said in the Redev CNY announcement. “The St. Matthew’s Condos brings 21 new condominiums to East Syracuse’s former St. Matthew’s Elementary School, preserving a piece of the community’s heritage with a new use for generations to come. Thank you to Redev CNY for their partnership in advancing HCR’s innovative Affordable Housing Opportunity Program and to Governor Hochul for her focus on revitalizing Central New York and improving affordability for residents across the State.”
The project is further supported by National Grid’s Clean Heat Program and Onondaga County’s Housing Initiative Program. Redev CNY says both National Grid and Onondaga County contributed “vital funding to ensure the success” of this community-focused development.
